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Cryptic Currency
(lemmy.ca)
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this post was submitted on 20 Jun 2024
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Fiat money is money that is not backed by precious metals and since gold standards have been abolished in every country, technically every currency is fiat. Fiat, in Latin, is the third-person singular present active subjunctive form of the verb fio which means "to become" or "to happen", for example the phrase "let there be light" would be "fiat lux" in Latin.